I just looked up the fight again, and Ray's body language was that of someone who was on the verge of being knocked out where your body turns sort of uncordinated and your head rricocheting all over the place. Or is it just me?
He was looking weary, like he didn't want to be there. I noticed it.. couldn't have been hard to see.
He was pretty fatigued in those last few rounds and it probably wouldn't have taken much more for Hagler to put him down. Add on another 3 rounds and I think he most certainly gets stopped, but at the same time he would likely conserve his energy better and approach the fight differently if it had been a 15 rounder.